524.3-901 SUCCESSORS’ RIGHTS IF NO ADMINISTRATION. In the absence of administration, the heirs and devisees are entitled to the estate in accordance with the terms of a probated will or the laws of intestate succession. Devisees may establish title by the probated will to devised property. Persons entitled to property pursuant to sections 524.2-402, 524.2-403, […]
524.3-902 DISTRIBUTION; ORDER IN WHICH ASSETS APPROPRIATED; ABATEMENT. (a) Except as provided in subsection (b) and except as provided in connection with the share of the surviving spouse who elects to take an elective share, shares of distributees abate, without any preference or priority as between real and personal property, in the following order: (1) […]
524.3-903 RIGHT OF RETAINER. The amount of a noncontingent indebtedness of a successor to the estate if due, or its present value if not due, shall be offset against the successor’s interest; but the successor has the benefit of any defense which would be available to the successor in a direct proceeding for recovery of […]
524.3-904 INTEREST ON GENERAL PECUNIARY DEVISE. General pecuniary devises bear interest at the legal rate beginning one year after the first appointment of a personal representative until payment, unless a contrary intent is indicated by the will. History: 1974 c 442 art 3 s 524.3-904
524.3-906 DISTRIBUTION IN KIND; VALUATION; METHOD. (a) Unless a contrary intention is indicated by the will, the distributable assets of a decedent’s estate shall be distributed in kind to the extent possible through application of the following provisions: (1) A specific devisee is entitled to distribution of the thing devised, and a spouse or child […]
524.3-907 DISTRIBUTION IN KIND; EVIDENCE. If distribution in kind is made, the personal representative shall execute an instrument or deed of distribution assigning, transferring or releasing the assets to the distributee as evidence of the distributee’s title to the property. History: 1974 c 442 art 3 s 524.3-907
524.3-908 DISTRIBUTION; RIGHT OR TITLE OF DISTRIBUTEE. Proof that a distributee has received an instrument or deed of distribution of assets in kind, or payment in distribution, from a personal representative, is conclusive evidence that the distributee has succeeded to the interest of the decedent and the estate in the distributed assets, as against all […]
524.3-909 IMPROPER DISTRIBUTION; LIABILITY OF DISTRIBUTEE. Unless the distribution or payment no longer can be questioned because of adjudication, estoppel, or limitation, a distributee of property improperly distributed or paid, or a claimant who was improperly paid, is liable to return the property improperly received and its income since distribution if the distributee or claimant […]
524.3-910 PURCHASERS FROM DISTRIBUTEES PROTECTED. If property distributed in kind or a security interest therein is acquired by a purchaser, or lender, for value from a distributee who has received an instrument or deed of distribution from the personal representative, the purchaser or lender takes title free of any claims of the estate and any […]
524.3-911 PARTITION FOR PURPOSE OF DISTRIBUTION. When two or more heirs or devisees are entitled to distribution of undivided interests in any real or personal property of the estate, the personal representative or one or more of the heirs or devisees may petition the court prior to the formal or informal closing of the estate, […]
524.3-912 PRIVATE AGREEMENTS AMONG SUCCESSORS TO DECEDENT BINDING ON PERSONAL REPRESENTATIVE. Subject to the rights of creditors and taxing authorities, competent successors may agree among themselves to alter the interests, shares, or amounts to which they are entitled under the will of the decedent, or under the laws of intestacy, in any way that they […]
524.3-913 DISTRIBUTIONS TO TRUSTEE. Qualification by a court of a testamentary trustee is not required before distributions can be made by a personal representative to the trustee, unless qualification is expressly requested by will or demanded by an interested person as follows: (1) by written demand delivered or mailed to the personal representative, or (2) […]
524.3-914 UNCLAIMED ASSETS. If any asset of the estate has not been distributed because the person entitled thereto cannot be found or refuses to accept the same, or for any other good and sufficient reason the same has not been paid over, the court may direct the personal representative to deposit the same with the […]
524.3-915 DISTRIBUTION TO PERSON UNDER DISABILITY. (a) A personal representative may discharge the obligation to distribute to any person under legal disability by distributing to the person’s guardian or conservator, or any other person authorized by this chapter or otherwise to give a valid receipt and discharge for the distribution. (b) When a minor child […]
524.3-916 APPORTIONMENT OF ESTATE TAXES AND GENERATION-SKIPPING TAX. (a) For purposes of this section: (1) “estate” means the gross estate of a decedent as determined for the purpose of federal estate tax or the estate tax payable to this state; (2) “decedent’s generation-skipping transfers” means all generation-skipping transfers as determined for purposes of the federal […]
